Dolphin Drilling Dismisses Their Entire Management Team
Norwegian offshore drilling company Dolphin Drilling has dismissed all of its management employees, including its CEO and CFO, amid restructuring efforts.
As reported in April, the majority lenders under the company’s $2 billion secured credit facility entered into an agreement for the reorganization and recapitalization of the drilling business of the company.
The recapitalization of the drilling business included the sale of the Bolette Dolphin drillship to refocus the group’s drilling business on its mid-water fleet while the mid-water drilling business of the group was agreed to be transferred to a new holding company, controlled by the secured lenders.
As contemplated by DDASA’s secured lenders, the Drilling Restructuring will not include the management of DDASA.
All of DDASA’s key management is employed by Dolphin Drilling Management. On this basis, Dolphin Drilling Management on Tuesday gave notice of termination to all of its employees, including DDASA’s CEO Ivar Brandvold and CFO Hjalmar Krogseth Moe.
The driller said that the termination will take effect following the expiry of the employees’ notice period, which for most employees is three months. The notice period for the CEO and CFO is six months.